Ann: Cellmid Investor Presentation, page-25

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Taurean7

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03/07/18

11:24

Post #: 34103136
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Originally posted by David Bo$$ ↑

@Taurean7

1. I can follow your calculation flow but as you indicated the methodology and the summation is very loose and stretching a very long bow

2. Is it correct to include unlisted and unquoted options that haven’t been exercised yet as part of the top 20 or 20% holding (both for the options expiring in August and November)? If so, why hasn’t it been reflected in prior annual report top 20 holdings?

3. Would the same apply to loan shares?

4. If these options were going to allocated to the board why haven’t that been included in director disclosures when they buy shares on market ie. current holdings or interests?

5, Can you please help me find where in the 2013 shareholders approved the issue of these options for free (agm resolutions link provided)

https://www.asx.com.au/asxpdf/20131021/pdf/42k5dtsq69536v.pdf

6. Prior presentations have never indicated management hold 20%; what’s changed?

7. Cell Signals, I can’t seem to find where they are connected to the company scientists on the Cellmid website or anywhere else. Are you able to share with us who Cell Signals is and how they are connected to Cellmid please?

8. The investor presentation is definitely being passed around to institutional investors and broking shops; and like the prior presentation it is super sleek and impressive.

Thanks in advance T7

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D.B.

I think the matter is fairly trivial so I don’t want to waste too much of my time on it. Responses below to your 8 points should help you decide how much your own time is worth. It's not obvious whether you are concerned that the Company has made a mistake in the presentation or that it has a 20% interest.

1. I don’t think the matter is sufficiently important that the 20% figure needs to be accurate. I take it to be intended as a general guide to the proportional interest of personnel associated with the Company.

2. Inclusion of options is neither correct nor incorrect, depending on context. What ‘Management 20%’ means is open to individual interpretation. It’s not a court document. Active options do represent potential share holdings and hence voting rights should they be exercised.

3. Loan shares rank equally with other shares. How they are acquired is not relevant.

4. Usually options holdings are included in notices of director interests. Sometimes possibly not. See for example the recent Appendix 3Y disclosures of Walton (1/11/17) and King (31/19/17). They are always disclosed in Annual Reports.

5. I thought I had explained this clearly. Resolution 1 of the AGM agenda that you reference seeks shareholder approval of the remuneration report contained in the 2013 Annual Report. The remuneration report details the incentive scheme for executives as determined by the Board. Shareholders therefore approved the issue of options under this scheme by passing Resolution 1.

6. Has anything changed? Don’t ask me, ask the Company why a management interest figure was included in a presentation. Is thought to be 20% too much or not enough?

7. For the Cell Signals/Scientists connection, see ASX announcement of 16 April 2008 (then Medical Therapies) relating to the purchase of the midkine IP.

8. Good to hear the presentation is being used for its primary promotional purpose. The effort would be wasted otherwise. The more investment it encourages the better.

Hope this helps.

Cheers

CDY Price at posting: 46.0¢ Sentiment: Buy Disclosure: Held
10 Upvote

2 Great analysis

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